Li Yuanheng: High-growth lithium battery production equipment company raises money to expand industrial robot intelligent equipment business
Key points of investment: The company is a fast-growing lithium battery equipment company, with the total controller holding 77 shares.
The company is one of the leading companies in the domestic lithium battery manufacturing equipment industry. Its main products are three serial port manufacturing equipment for cell assembly, battery testing and battery assembly in the lithium battery production process.
Before the issue, the actual controllers of the company, Zhou Junxiong and Lu Jiahong, held a total of 77 shares directly or indirectly.
09% (of which Zhou Junxiong indirectly held 66 through Li Yuanheng Investment, Hongbang Investment and Yirong Investment respectively.
84% / 4.
64% / 1.
67%, Lu Jiahong directly holds 3 shares.
93%), other institutions invested a total of 21 shares.
83%, the company’s director Gao Du Yixian, Gao Xuesong held a total of 1 shares.
The scale of revenue has expanded rapidly, and a number of financial indicators have taken the lead.
From 2016 to 2018, the company’s total revenue / net profit attributable 淡水桑拿网 to its mothers were respectively changed from 2.
1.3 billion to 6.
2.9 billion, CAGR reached 72% / 215%, lithium battery manufacturing equipment as the largest business (three consecutive years of revenue accounted for over 86%).
At the same time, it benefited from the increase in the main business gross profit margin (+11) brought about by the increase in the automation level of lithium battery manufacturing equipment in 2017.
10pct) and the period in which the cost of management dropped significantly in 2018 (-9.
67pct), the company’s net profit for two consecutive years far exceeded revenue growth.
Compared with previous comparable companies, the company’s R & D expense ratio, period expense ratio, accounts receivable turnover ratio and other financial indicators are at the leading level.
In 2018武汉夜网论坛, the company’s return to parent’s net interest rate / ROA was +8 over the same period last year.
61 / + 4.
The lithium battery business has developed rapidly, and funds have been raised to expand the manufacturing capabilities of industrial robots.
The core technology is relevant: the company has certain advantages in advanced motion control, sensing and measurement, modeling and simulation, industrial Internet and system reliability. Such key technologies are the company’s classified assembly, welding, forming, testing andCommon technology of measuring equipment.
The largest customer is strong: The company has achieved in-depth strategic cooperation with the global consumer lithium battery leader New Energy Technology (ATL). The company’s sales revenue from new energy technology in 2016-2018 was 1.
5.1 billion, accounting for 50% of revenue.
14% / 77.
29% / 66.
19%, according to the company’s prospectus, ATL consumer lithium battery replacement in 2017 reached 9.
300 million, with a global market share of 19%, ranking third.
The development of the field of power battery equipment: the company’s sales revenue to the Ningde era in 2018 was 64.38 million yuan, an increase of 99 from 32.27 million yuan in 2016.
5%; the company has entered the power supply system of Lishen and BYD, and has continuously developed its business in the field of power batteries.
Auto parts assembly and testing equipment continue to grow: The advantages of common technology are fully utilized, and the company’s auto parts production equipment maintains rapid growth. The 2016-2018 revenue CAGR was 47.
5%.Raising investment to expand industrial robot manufacturing capabilities: The company’s proposed investment project is the production of intelligent equipment for industrial robots (5.
670,000 yuan) and industrial robot intelligent equipment research and development center (1.
2.8 billion) project, the company uses its accumulated technical experience in the field of high-end special equipment to achieve horizontal expansion of general-purpose technology.
The company chooses to apply the listing rules with an estimated market value of not less than RMB 10 million and a net profit that is positive in the past two years and gradually does not exceed 50 million, and applies a valuation method combining comparable company PE estimation method and PEG estimation method.
The company’s existing business is still in a period of high-speed penetration. The lithium battery equipment business continues to increase its internal revenue in the core customer supply system and maintain better historical growth in other business ends. It can refer to the rapid development stage of comparable companies and combine PEG with the company’s future growth expectations The estimation method estimates existing businesses.
Risk reminder: The company’s proposed industrial robot intelligent equipment business is fiercely competitive, the company’s product expansion is blocked, and the company’s cooperation relationship with its largest customer ATL deteriorates.